Company Valuation: Thales

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,929 25,259 27,925 28,476 47,195 50,071 - -
Change - 58.57% 10.55% 1.97% 65.74% 6.09% - -
Enterprise Value (EV) 1 16,724 25,295 31,925 31,520 48,813 50,255 50,217 46,848
Change - 51.25% 26.21% -1.27% 54.86% 2.95% -0.08% -6.71%
P/E 14.6x 22.6x 27.3x 20.1x 28.2x 28.7x 21.7x 19x
PBR 2.46x 3.49x 4.05x 3.79x 5.93x 5.73x 5x 4.36x
PEG - 6.81x -3.8x 0.5x 1.5x 7.11x 0.7x 1.3x
Capitalization / Revenue 0.98x 1.44x 1.52x 1.38x 2.13x 2.1x 1.93x 1.78x
EV / Revenue 1.03x 1.44x 1.73x 1.53x 2.21x 2.11x 1.94x 1.67x
EV / EBITDA 7.12x 10.5x 12.4x 10.9x 12.8x 13x 11.7x 9.99x
EV / EBIT 10.1x 13.1x 15x 13x 17.8x 16.7x 14.7x 12.4x
EV / FCF 7.41x 10.2x 15.8x 15.6x 18.9x 21.2x 19.6x 16.2x
FCF Yield 13.5% 9.85% 6.35% 6.43% 5.28% 4.72% 5.11% 6.19%
Dividend per Share 2 2.56 2.94 3.4 3.7 3.9 4.265 4.939 5.576
Rate of return 3.42% 2.46% 2.54% 2.67% 1.7% 1.75% 2.03% 2.29%
EPS 2 5.12 5.29 4.91 6.89 8.15 8.479 11.25 12.84
Distribution rate 50% 55.6% 69.2% 53.7% 47.9% 50.3% 43.9% 43.4%
Net sales 1 16,192 17,569 18,428 20,577 22,136 23,831 25,919 28,120
EBITDA 1 2,348 2,405 2,582 2,898 3,827 3,857 4,282 4,690
EBIT 1 1,649 1,935 2,132 2,419 2,740 3,006 3,417 3,789
Net income 1 1,089 1,121 1,023 1,420 1,675 1,713 2,220 2,514
Net Debt 1 795 35.2 4,000 3,044 1,618 183.7 145.9 -3,222
Reference price 2 74.80 119.30 133.95 138.65 229.80 243.70 243.70 243.70
Nbr of stocks (in thousands) 212,957 211,730 208,476 205,380 205,373 205,461 - -
Announcement Date 3/3/22 A 3/8/23 A 3/5/24 A 3/4/25 A 3/3/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.74x2.11x13.03x1.75% 58.15B
57.84x3.79x20.56x0.81% 11.5B
583.67x9.91x126.63x - 10.62B
-37.45x15.33x689.92x-.--% 7.07B
68.83x2.66x24.86x0.37% 4.86B
26.27x4.81x21.69x1.72% 3.36B
63.15x30.31x-169.62x-.--% 1.26B
38.49x - - - 607M
Average 103.69x 9.85x 103.87x 0.78% 12.18B
Weighted average by Cap. 90.30x 4.62x 74.37x 1.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield